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Fund Balance <br /> General Fund: The City of Centerville has historically maintained a healthy fund balance, <br /> which contributes positively to the city's bond rating and mitigates the potential for needing short <br /> term borrowing. Council has a targeted fund balance reserve of 40 to 50% of current <br /> expenditures or a target between ($833,000 to $1,042,000). The below represents the last four <br /> years of historic general fund balance and the next two years projected general fund balances <br /> based on budgeted data. Please note that the City is projecting a fund balance of $1,110,324 at <br /> the end of 2013, which is 53% of 2012 budgeted expenditures. Also, of that projected $1,110,324 <br /> fund balance the City has reserved $18,755 all for the construction of a single Volleyball Court. <br /> 2008 $1,157,516 <br /> 2009 $1,231,325 <br /> 2010 $1,068,411 <br /> 2011 $1,142,324 <br /> 2012 $1,110,324 <br /> 2013 $1,110,324 <br /> Tax Rate / Tax Capacity <br /> Taxable market valuations again fell another 7% (in tax capacity terms) for 2013 so the <br /> overall tax rate is projected to rise to 71.14% in 2013 even though the levy was maintained at the <br /> 2012 level. That being said, the tax rate is only one of the two variables one must consider <br /> before evaluating the true effect on their respective property taxes —the other is the 2013 tax <br /> capacity. Cities in Minnesota levy actual dollar amounts and the tax rate is merely the formula for <br /> allocating the share to each parcel. For a graphical representation of historic tax rates see <br /> appendix E. <br /> Tax Capacity Breakdown <br /> 2012 2013 % <br /> Personal Property 43,996 48,386 2% <br /> Agriculture 5,492 6,026 0% <br /> Residential Homestead 2,345,498 2,171,403 75% <br /> Residential Non - Homestead 273,412 264,172 9% <br /> Commercial / Industrial 448,704 400,322 14% <br /> Total 3,117,102 2,890,309 100% <br /> -32- <br />